Banks and credit unions have been struggling to strike the right balance between digital and physical channels for the better part of two decades. Ever since online banking emerged in the late 90s, retail financial institutions have wrestled with their retail delivery models — a problem that was exacerbated with mobile banking when the iPhone debuted in 2007.

According to a study by Raddon, a Fiserv company, the vast majority of consumers have visited a branch in the past 12 months, mostly to deposit checks with a teller. Somewhat surprisingly, 42% say they visited a branch to withdraw cash from a teller — something that can done faster at an ATM. MORE